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Mortgage Regulation Changes

The three new changes announced yesterday by Finance Minister Jim Flaherty:

A 30-year maximum amortization on insured mortgages over 80% LTV An 85% LTV limit on insured refinances Elimination of government insurance on secured lines of credit (aka., HELOCs)

Flaherty says these regulations are meant to “(encourage) hard-working Canadian families to save by investing in their homes and future.”

To review the full press release by the Department of Finance.

A backgrounder as to why these changes have been announced was also given by the Department of Finance on its website

 

 

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Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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